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TMI Blog2011 (8) TMI 1227X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT (A) relating to assessment year 2006-07. 2. The department is objecting in deleting addition made by AO by applying provisions of section 50C of the Act. 3. The AO computed capital gain at ₹ 26,36,153/- as against ₹ 4,93,955/-. The AO, however, by applying provisions of section 50C has adopted deemed full value of consideration at ₹ 30,63,132/- and on this amount the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.2) Act, 2009 has amended section 50C by which the word assessable has been inserted in it with effect from 1.10.2009. The word assessable has been defined in newly added Explanation 2 to the said section 50C with effect from 1.10.2009. Accordingly it was submitted that in view of legal position, application of section 50C is not justified. The contention of the assessee was considered by ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essed became effective only from 1.10.09. The amendment is not retrospective and, therefore, it can be said that prior to 1.10.09 provisions of section 50C can not be applied where the property under consideration was not registered. Accordingly, the appeal of the assessee on this issue was allowed by ld. CIT (A). 4. Now the department is in appeal here before the Tribunal. 5. The ld. D/R p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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